News Details

Pacific Drilling Announces Five-Year Contract for the Pacific Sharav

LUXEMBOURG--(BUSINESS WIRE)--
Pacific Drilling S.A. (NYSE: PACD) announced today that its
ultra-deepwater drillship the Pacific Sharav has been awarded a
five-year contract by Chevron U.S.A. Inc. for operations in the United
States Gulf of Mexico. Estimated maximum contract revenue, including
mobilization and client requested modifications, is expected to be
approximately $1,076 million, bringing Pacific Drilling’s total contract
backlog as of June 22, 2012, to approximately $3.2 billion.

Pacific Drilling CEO Chris Beckett stated, “We are proud to announce the
expansion of our relationship with Chevron to include a third drillship.
This contract exemplifies our strategic commitment to building
strong customer relationships and allows us to leverage the operations
support infrastructure which we have already developed in the region.”

Pacific Sharav is scheduled for delivery by Samsung Heavy
Industries in Korea in the fourth quarter of 2013, upon completion of
construction and client requested modifications. The drillship will be
capable of operating in water depths of up to 12,000 feet and drilling
wells up to 40,000 feet deep.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific
Drilling is a fast growing company that is committed to becoming the
industry’s preferred ultra-deepwater drilling contractor. Pacific
Drilling’s fleet of seven ultra-deepwater drillships will represent one
of the youngest and most technologically advanced fleets in the world.
The company currently operates four recently delivered drillships, has
two additional drillships under construction and one on order at
Samsung. For more information about Pacific Drilling, including our
current Fleet Status, please visit our website at www.pacificdrilling.com.

Statements regarding the estimated delivery of our drillships, estimated
duration of client contracts, contract revenue amounts, backlog and
other statements that are not historical facts in this press release are
forward-looking statements and are subject to certain risks,
uncertainties and assumptions and consequently actual results may differ
materially from those indicated or implied by such forward-looking
statements. Forward-looking statements speak only as of the date they
are made, and we undertake no obligation to publicly update or revise
any of them in light of new information, future events or otherwise.